Former DEA Agent: Legalizing Marijuana is Good for Economic Growth

Former DEA Agent: Legalizing Marijuana is Good for Economic Growth

Legalizing marijuana is a much better plan for the economy than prohibition, according to a former DEA agent.

“Regulated cannabis works,” said Patrick Moen, managing director and general counsel at Seattle-based Privateer Holdings, a firm that invests in marijuana start-ups that are in need of funding.

Moen may have unique insight into how legalization could be a better deal for the economy than prohibition. Before transitioning into the marijuana industry, Moen was a DEA agent.

Moen is not overly concerned with Jeff Sessions’ recent decision to rescind the Cole Memo.

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“It’s clearly out of touch with what the American people want,” he recently told CNBC.

While the move by Sessions has created a lot of anxiety, Moen still feels the future of the marijuana industry is still on solid ground.

“We might see a short-term chilling effect on investment and banking,” Moen said, as retailers learn how to manage regulations around cannabis. “[But] we’re seeing steady and continued growth in terms of access to capital,” he said.